On Wednesday the House finally passed Ron Paul’s signature bill to audit the Federal Reserve. The legislation received tremendous support with a 327 to 98 vote. Rep. Robert Turner (R-NY) voted against it and eighty-nine Democrats voted for it.
While it was cast aside as being on the fringe a decade ago when Paul introduced it, that is no longer the case since the American people are waking up to his message. However, it is Democrat Senators like Majority Leader Harry Reid (D-NV) who say the bill is essentially dead since they won’t even consider taking it up.
Paul took time to make a statement Tuesday on the House floor before the vote.
“We should have privacy for the individual, but we should have openness of government all the time. We’ve drifted a long way from that. I think when people talk about independence and having this privacy of the central bank, it means they want secrecy.”
Democrats want to claim that an audit would open up the Federal Reserve to political interference. However, Ron Paul believes there should be real transparency in government, unlike the current occupant of the White House who claimed the same thing.
“This bill would … jeopardize the Fed’s independence by subjecting its decisions on interest rates and monetary policy to GAO audit,” said House Minority Whip Steny Hoyer (D-MD). “I agree with Chairman Bernanke that congressional review of the Fed’s monetary policy decisions would be a ‘nightmare scenario,’ especially judging by the track record of this Congress when it comes to governing effectively.”
A press release by the Texas Congressman and GOP presidential candidate reads,
WASHINGTON, July 24 – Congressman Ron Paul today applauded the passage by the House of Representatives of H.R. 459, the Federal Reserve Transparency Act. The bill, which calls for a full audit of the Federal Reserve System– including its lending facilities and critical monetary policy operations– passed overwhelmingly by a bipartisan vote of 327-98.
“I am very pleased that the House passed my Audit the Fed legislation today,” Congressman Paul stated. “It has been a long, hard fight, but Congress finally is getting serious about exercising its oversight responsibility over the Federal Reserve. Auditing the Fed is a common sense issue supported by the overwhelming majority of the American people. The Fed’s trillions of dollars worth of asset purchases and its ongoing support of foreign central banks cannot be allowed to continue without Congressional oversight. Today’s passage of H.R. 459 is a good first step towards full Fed transparency, and I hope that the Senate will consider the bill before the end of the year.”
Mitt Romney even posted on Twitter, “Ron Paul’s ‘Audit The Fed’ bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve.”Don't forget to Like Freedom Outpost on Facebook and Twitter, and follow our friends at RepublicanLegion.com.